XML 31 R7.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited) (USD $)
9 Months Ended
Sep. 30, 2014
Net Cash flows used from operating activities:  
Net loss $ (6,608,862)
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation and amortization expenses 5,913
Stock based compensation 5,814,963
Change in fair value of digital currencies 112,149
Interest income on investment (1,685)
Fair value adjustments for warrant liabilities (204,957)
Changes in operating assets and liabilities  
Digital currencies (298,608)
Prepaid expense (88,699)
Accounts payable 125,007
Customer deposits (4,263)
Net cash used in operating activities (1,149,042)
Net cash used in investing activities:  
Purchases of intangible assets (15,469)
Purchase of property and equipment (199,115)
Deposits (4,815)
Investment at cost (350,000)
Net cash used investing activities (569,399)
Net cash provided by financing activities:  
Proceeds from the former members of BCSLLC 8,000
Net proceeds from issuance of Private Placement Units 1,813,000
Net cash (used for) provided from financing activities 1,821,000
Net increase in cash 102,559
Cash, beginning of period 9,052
Cash, end of period 111,611
Supplemental disclosure of non-cash financing and investing activities:  
Conversion of Series B Convertible Preferred to common stock 40,000
Conversion of Series C Convertible Preferred to common stock 1,550
Exchange warrants for common stock 100
Reclassification of derivative liability warrant to additional paid in capital $ 22,282